TrueLayer partners with Lendable

Wednesday 29 November 2023 09:55 CET | News

UK-based TrueLayer has partnered with Lendable to integrate its Account Information Services (AIS) and Variable Recurring Payments (VRP) products into the latter’s financial ecosystem.

Lendable provides loans, credit cards, and car finance across an array of borrowers, with the company being committed to making personal finance simpler, more transparent, and more accessible. Lendable leverages technology across its products to deliver an improved experience to its users. 

UK-based TrueLayer has partnered with Lendable to integrate its Account Information Services (AIS) and Variable Recurring Payments (VRP) products into the latter’s financial ecosystem.

TrueLayer – Lendable partnership objectives

By integrating TrueLayer’s products, Lendable intends to enhance its capabilities, as AIS facilitates the collection of data, offering the company comprehensive insights into the underwriting process. Additionally, VRPs provide borrowers with more flexible and intuitive repayment options, aligning with Lendable’s objective of offering user-centric financial solutions. With the introduction of VRPs, Lendable aims to address the expanding difficulties of household debt. As per the Bank of England’s recent statistics, the annual growth rate for all consumer credit increased to 8.0% in September 2023, the highest since November 2018. This underlines the urgent need for improved tools that can support individuals in managing their loans more efficiently.

According to TrueLayer’s officials, currently, borrowers expect fast decisions and flexible repayment plans, without being involved in a long and difficult process. The company’s partnership with Lendable intends to address this rising need, offering timely and intuitive solutions to support consumers in navigating their financial responsibilities effectively. The strategic collaboration between the two companies underlines a shared commitment to enhancing the financial technology space. TrueLayer and Lendable plan to deliver additional opportunities for both companies and for the consumers that they serve.

TrueLayer’s recent developments and collaborations

By merging real-time bank payments with financial and identity data, TrueLayer intends to enable smarter, safer, and faster online payments. The company caters its products to businesses of all sizes to onboard new users, accept funds, and make payouts rapidly and at scale. Currently, TrueLayer operates in 21 countries and has over 10 million users for which it processes transactions. In recent months, the company entered multiple partnerships and announced several developments to advance its expansion strategy. At the beginning of November 2023, TrueLayer’s app was made available in the Shopify App Store, with the move bringing its Open Banking network to the ecommerce platform and allowing merchants to integrate instant bank payments into their websites. This aimed to allow them to benefit from faster, more secure payment options at a reduced cost.

During the same period, TrueLayer partnered with William Hill to offer instant pay-ins and payouts for players in the UK. Through this collaboration, users received the option to select the Instant Bank Transfer method to pay into their William Hill accounts. By using Open Banking and instant payment rails, these transactions also allowed customers to transfer their earnings directly to their bank accounts, leading to an improved user experience.

Furthermore, in October 2023, TrueLayer became one of the first European Open Banking payment options to be integrated into Stripe’s Payment Element. This enabled Stripe merchants operating in the UK and the EU to provide TrueLayer as a payment method to their customers, with the ability to incorporate the company’s Open Banking payment option into the Stripe checkout process. 

For more information about TrueLayer, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: personal finance management, banking, customer experience, lending, financial services, underwriting
Categories: Banking & Fintech
Companies: Lendable, TrueLayer
Countries: United Kingdom
This article is part of category

Banking & Fintech




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